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Max Life Insurance Waiver of Premium Plus Rider

What is the Rider all about?

To ensure that your life insurance policy continues even if you face any unfortunate eventuality like a disability or critical disease, you can add Max Life Waiver of Premium Plus Rider to your life insurance policy. The life insurance policy which you have taken for your family continues along with its benefits with this rider. The rider will ensure that you to get waiver of all future premiums in case of Death, Disease or Dismemberment. The benefits under this rider are eligible over and above the base life insurance benefits.

What are the Key Features?

Waiver of premium in case of dismemberment

Waiver of premium if diagnosed with specified illnesses

Waiver of premium in case of death (Where life insured & policyholder is different)

What are the Plan Benefits?

Waiver of future premiums

Waiver of premium plus rider provides waiver of all future premiums under a policy taken by the policyholder and all other attaching riders on earlier happening of any of the listed events:

  • Critical Illness or
  • Dismemberment or
  • Death (only when Life Insured and Policyholder is different individuals)

Once the company accepts the claim under this rider, all future premium(s) are waived; then in case of termination of base policy due to happening of any listed insured event or,on surrender (only if surrender value is available under the base policy), the following benefits are payable:-

  • All pertinent benefits under the base policy
  • The present value of the future Premium (including rider premium, if any) to be waived, discounted at the rate of 6.5% p.a.

Maturity Benefit

This rider does not offer any maturity benefit.

Surrender Value

There is no surrender value offered under waiver of premium plus rider.

Loan

No loan facility is available under this rider.

Revival

In case the premium for the rider are not received up to the expiry of the grace period, the rider will lapse and benefits will be inapplicable. The rider can only be revived within a revival period of two years from the due date of first unpaid premium subject to the following company conditions:

  • The policyholder has to give the company a written request for the revival
  • The policyholder has to pay all due premiums with interest and / or late fee as applicable from time to time
  • The policyholder has to provide an evidence of insurability at his own cost

The revival of the rider is subject to the approval from the company’s underwriting team and the decision is communicated to the policyholder in writing. If a lapsed rider is not revived within 2 years or before the expiry of rider term, whichever happens first, the rider stands terminated and no value is payable to the policyholder.

Who can Buy the Rider?

Factor Minimum Maximum
Age (as on last birthday) 18 Years 65 Years
Age at Maturity - 70 Years
Rider Term 5 Years 35 Years (*Rider term is will be equal to base plan premium payment term subject to minimum and maximum limits defined.)
Premium Paying Term Same as rider term -
Premium Paying Mode Same as base policy -
Sum at risk Rs 1,000 Rs 3,50,000
Premium The Minimum Annual Premium is Rs. 2 per annum for age at entry of 18 years (age as at last birthday),Rider Term of 5 years and Base Plan Premium of Rs.1,000. The maximum rider premium will be calculated basis the maximum base plan premium to which the rider is attached. The Waiver of Premium Plus Rider premium shall, in no case exceed.
  • 30% of premiums (including extra premium, if any) payable under the base policy when attached to a savings plan, and
  • 100% of premiums (including extra premium, if any) payable under the base policy when attached to a term plan

Is the Rider, eligible for Tax Benefit?

You may be entitled to certain applicable tax benefits on your premiums and Rider benefits subject to tax laws prevailing at the time of payment of premium or receipt of benefits by you. Tax Benefits are subject to changes in the tax laws.

Which all Base Plans the Rider can be attached?

  • Max Life Life Gain Premier Plan
  • Max Life Life Perfect Partner Super
  • Max Life Whole Life Super Plan
  • Max Life Premium Return Protection Plan
  • Max Life Online Term Plan
  • Max Life Super Term Plan

How the Rider Works?

Scenario 1 –In case the Life Insured and Policyholder are same

Mr. Kumar, Age: 35-Year

Occupation: Old Salaried Professional

Family Structure: Married, and has a 4-year-old child

He is a responsible individual who always takes care of his family. In order to plan for his family‟s financial security, he buys Max Life Online Term Plan (Rs. 1 Crore sum assured with 35 year term), on his life, making his wife the nominee under the policy. Further, in order to ensure there is no discontinuity in policy benefit, he also buys Max Life Waiver of Premium Plus Rider at a nominal price.

Here are the following illustrative scenarios that can occur during the course of the policy of Mr. Kumar.

Scenario 2 – In case the Life Insured and Policyholder are different

Mr. Kumar , Age: 35-year

Occupation: old salaried professional

Family Structure: Married, and has a 4-year-old child

He is a responsible individual who always takes care of his family. In order to plan for his family‟s financial security, he buys a Max Life Whole Life Super Plan (Rs. 25 lac Sum Assured with 20 years premium payment term), with his wife as Life Insured and himself as Policyholder. Further, in order to ensure there is no discontinuity in the policy benefits, he also buys Max Life Waiver of Premium Plus Rider at a nominal price.

Here are the following illustrative scenarios that can occur during the course of the policy of Mr. Kumar: